New York Life

  www.newyorklife.com
  www.newyorklife.com

New York Life Reviews

Updated December 15, 2014
Updated December 15, 2014
793 Reviews
3.3
793 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
New York Life Chairman, President & CEO Ted Mathas
Ted Mathas
455 Ratings

Review Highlights

Pros
  • They provide a great training ground for how to sell and scripts to use when selling (in 55 reviews)

  • Their compensation package is excellent and they have a superb I mean superb training program (in 32 reviews)


Cons
  • they tell you to sell insurance to your friends and family and when you leave they treat (in 37 reviews)

  • No base salary (you will invest in the company before they invest in you) (in 29 reviews)

More Highlights

125 Employee Reviews Back to all reviews

Sort: Popular Rating Date
  1.  

    Be prepared to be an insurance salesmen.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Agent in Louisville, KY
    Former Employee - Agent in Louisville, KY

    I worked at New York Life

    Pros

    Great products and training. Support staff is sweet and always helpful. Individual experiences will vary from location to location. If you are able, go work for the Evansville office and you are pretty much guaranteed to be handed leads on a regular basis.

    Cons

    They will tell you that you make your own schedule, and then pack on hours and hours of required training every week. But don't worry because although it is mandatory they never actually enforce that policy so if you are the kind of person who does what you are supposed to and shows up for all the meetings, you will not be pleased to see all of the other employees just do whatever they want without any ramifications. Also, the management staff is only focused on bringing in as many agents as possible, so they could pretty much not care how well you do individually. Although they will pass business on to new hires so that they can "trigger" their contracts and count for man-power while you are fighting tooth and nail to get ahead in the business and bring in new clients everyday. Their expectations are very demanding of you, but like I said if you don't meet quotas you can fly under the radar for at least 6-months since they don't wan to lose any team members (since that is how they are compensated!). The quality of the agents they are bringing in is also of a low caliber, as they are looking for sales-people, not good advisors. Granted, it is essentially a sales job; but you would think they would have a higher level of standards in what and who they want to represent their company. They also push Life Insurance like it is the end-all/be-all of financial products. Yes everyone needs it, but no to the extent that they shove it down clients' throats. Make you come of as a pushy salesmen rather than a Financial Advisor!

    Advice to ManagementAdvice

    If you think someone has potential, a little bit of encouragement goes a long way.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  2.  

    Financial Professional

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at New York Life

    Pros

    Solid company, decent product selection, lots of training.

    Cons

    Local management was very unorganized and direct manager was demoted while I was in training, which caused chaos since I wasn't told for months. Product selection was very rigid.

    Advice to ManagementAdvice

    My advice to Management would be to be 100% honest with new recruits when telling them income potential and financial reality.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  3.  

    Was great, before Ted became CEO

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at New York Life full-time (more than 10 years)

    Pros

    OK, this really depends on where you work and what you do. Agents will have an entirely different, and better, experience than employees.

    Pros... most of the pros are gone. I've been with the company for nearly 14 years and in that time they've gutted most of the benefits, pension, health insurance, and stability. If I had to pick a pro... If you're an agent and sell well -- or if you're from a legacy family that sold well -- you're a god at NYL. We do get seven half-day Fridays in the summer, but when you're working 60+ hours a week and pressured not to take them, it's just not the benefit it used to be.

    I would say my pay is good, but I don't live in NYC so I can't say how they pay compared to other NYC companies. Decent bonus every year.

    Cons

    OK, Cons. When I started here in 2000 this was the best company I'd ever worked for. Today, not so much.

    We've been in the middle of layoffs for the past three years and they're telling us they're laying off more than ever before starting Jan, 2015 through about 2018-2020 as they revamp their technology department. Boy, does it need revamping, but six to eight years of working under the threat of layoffs takes its toll.

    Pension was cut two years ago. Health insurance was cut last year. Work-at-home was in wide use but then taken away from most who were not VPs -- and even many lower level VPs lost it. I kind of agreed with this, but I saw managers abuse this more than employees.

    What was a standard 37.5 hour work week (7.5 hours a day) is now more like a 60 hour work work since about 2009 and it looks like they plan to continue to demand such hours for a long time. This company used to have a good life/work balance mindset but that changed along with the changing of the CEO. This likely depends on the department you're in and the job you do.

    We finally moved from Windows XP to Windows 7 THIS YEAR. That tells you how little NYL valued staying up with technology. As someone else mentioned, we still develop using VB6 (Visual Basic 6) and use other versions of software we were using when I came on board about 14 years ago.

    Raises tend to be 1-2%, but NYL has been that way since I started.

    Ill conceived multi-million dollar projects are started and scrapped after a couple of years because of poor planning and execution. Sometimes more than once for the same goal. It's a good thing we have several billions of dollars to burn.

    Management likes to tell us that we have the power of "distributed leadership" and that we should speak up, but NYL has never had that culture and no matter how often they say it, it doesn't make it true. Things change very slowly here (and I've worked for other companies this size) and the speech rarely reflects reality.

    Advice to ManagementAdvice

    I don't know... Bring back Sy, the old CEO? He took us to the number one position in Life Insurance without all these negative changes. Ted may be able to keep us at number one, but I think the changes will catch up with us. I'll be surprised if we're not down to number three in the next five years.

    PROVIDE A STABLE WORK ENVIRONMENT!

    Doesn't Recommend
    Positive Outlook
    Disapproves of CEO
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  5.  

    Intern

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Intern
    Current Employee - Intern

    I have been working at New York Life as an intern (less than an year)

    Pros

    Great online training and resources. There is an abundance of information on life insurance and annuities and this company has it all for you for free. Completed my life producer exam in 2 months.

    Cons

    It's all on you to be successful. I was not particularly interested in a full commission based job. AND THEY DON'T GIVE YOU ANY LEADS. This is a full sales job, no one goes out and looks for life insurance. And they arn't the cheapest so it makes in harder to sell.

    Advice to ManagementAdvice

    More compensation and really help the new guys.

    Doesn't Recommend
    Positive Outlook
    No opinion of CEO
  6. 1 person found this helpful  

    Enterprise Finance Summer Internship

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Intern in New York, NY
    Former Employee - Intern in New York, NY

    I worked at New York Life as an intern (less than an year)

    Pros

    They did offer a program where you learned a lot about the company and the industry. You had to attend at least one presentation per week on a different topic, with the opportunity to attend any CPEs, as well as town hall meetings. There's also a gym at your disposal. The people are relatively friendly and are more than willing to talk to you about your career and development regardless of title.

    Cons

    Talent acquisition, aka as HR is a mess. Offer letters were rescinded because they made a "mistake" on the hourly rate, which they should have ate up because they talked about it throughout the interview process, as well as in their job postings. They didn't offer over-time, and were extremely strict with work hours. A lot of downtime for interns, even when you actively seek new projects.

    Advice to ManagementAdvice

    Should really watch HR and what they do because it can really effect how your employees perceive their value and what they say to others afterwards. Find more meaningful things for

    Doesn't Recommend
    Positive Outlook
    Approves of CEO
  7.  

    Office manager of agent

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at New York Life

    Pros

    nice location. Felxible nice people at front office

    Cons

    low pay, no benefits, not a good working environment for office management

    Doesn't Recommend
    Positive Outlook
    No opinion of CEO
  8. 1 person found this helpful  

    Company is changing too much, lost all it's core value

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at New York Life full-time (more than 3 years)

    Pros

    There are some good benefits for the summer

    Cons

    Company is changing too much, lost all it's core value

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  9. 7 people found this helpful  

    If I knew then what I know now.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Sales Agent
    Former Employee - Sales Agent

    I worked at New York Life as a contractor (less than an year)

    Pros

    I worked with some really genuine people that I plan to stay in touch with

    Cons

    If I had known about these reviews before I signed my contract , I would never have taken the job. I would never recommend anyone to work for this company. Like other agents I am in debt now. When your bringing in cases the management is friendly. When your not doing so well they ignore you. When I read the previous reviews I knew everything they were saying because I've been through it . 100% commission I was told that I get a stipend or training allowance to get me in the door. Afterwards I found out the truth. I tried to make it work but it's very hard when YOU are struggling financially and have to pay for EVERYTHING at New York life. And I do mean EVERYTHING

    Advice to ManagementAdvice

    Stop trying to push the new agents out. And try to help them. Come up with a better way of helping to get leads instead of asking your agents to harass EVERY person they know. And tell the TRUTH about how agents get paid. Stop telling new agents they will get a training allowance or stipend to help them with bills when that's not the way it works

  10. 2 people found this helpful  

    managers can do what they want

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Senior Service Associate in Lakewood, OH
    Current Employee - Senior Service Associate in Lakewood, OH

    I have been working at New York Life full-time (more than 10 years)

    Pros

    great ppl to work with. flexible with family & time off. great vacation time! decent salary

    Cons

    managers can do & say what they want with no reprocustions. HR. does not listen nor cares what happens to you. & when u try to say something it's held against you. No room for advancement.

    Advice to ManagementAdvice

    pat attention to what your managers are doing. just because someone has been around for a long time doesn't mean they're telling the truth or has a clue to what's going on.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  11.  

    Great training, not so great management support

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Insurance Agent in Irvine, CA
    Current Employee - Insurance Agent in Irvine, CA

    I have been working at New York Life full-time (less than an year)

    Pros

    Excellent training, probably the best in the industry, I learned a lot about the industry and the products available. Plenty of freedom and flexible schedule. Potential of unlimited income increase.

    Cons

    Coming from a completely different environment where I had no experience in cold calling, prospecting and running my own business it would have been much better to have a stronger support system. I was with the company less than a year and in that time I had two different managers quit and leave to a competing company. This was a huge red flag, but even before that I had little to no direction or guidance that I desperately needed as a first year agent. Only commissioned based, if you don't sell you don't earn.

    Advice to ManagementAdvice

    Make sure that your new agents don't fall through the cracks due to lack of guidance and mentoring. Have experienced agents or managers go on at least 4 or 5 of the first appointments with new agents to help them get used to the process.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

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